SP Setia in Relau, Penang. 50% sold before official launch.

Yes, as usual some of my friends said that SP Setia is doomed since many of its top management has moved to Eco World. Let me share this piece of news with some of them. Sky Vista, a new project on Penang island by SP Setia has sold half of all its units before its official launch. It’s new northern region general manager, Ng Han Seong said that the response has been encouraging. Half of the total 426 units have been sold. Of course one major reason would also be its price. It;s starting from RM552,000 each. The project consists of two blocks with a linkage between both of them via a sky-bridge. If you think this price may mean it being just a very standard condo, well SP Setia said that this project is ‘upscale yet affordable’. I can see some of my friends now claiming that this project was planned way before the team left. No comments, we shall see what happens in a few more years then.
Before everyone thinks they should now rush for the remaining half, do get to know a bit about the project first. The project is inside Relau and you can either go to the project via the Relau side; through a small road or from the Sungai Ara towards the Relau road. For own stay, I think this is considered a good area because I have stayed in Relau for 4 years and Sungai Ara for 6 years. So yes I am very qualified to tell you about either Sungai Ara or Relau and I am definitely not the usual and typical Penangite who would always see Relau or Sungai Ara as secondary compared to their usual Gelugor, Greenland and Jelutong. Don’t believe me? Just look at the price per sf and you may see that difference.
Of course, when we talk about Relau, the jams have been increasing with so many projects completed including but not limited to The Golden Triangle and Fiera Vista. Both projects are less than 10 minutes away from the Sky Vista. There are also over one thousand more units coming up too within the area by GSD. So, the possibility remain ok because the this project is not going to be the final project in the area. Potential for capital appreciation is still there though please do not take this as your main consideration to buy. For own stay, sure. For investment, it depends. 🙂   One point to note is that Penang is still an ISLAND. If you intend to stay there for a long time, choose one you can afford easily and buy it. Unless Penang’s growth stops, the prices will never stop growing. Do not look far, just look at all the island states like Singapore, Hong Kong or even Taiwan. Yes, all three of them are many years ahead. Do you understand now? Yes. We buy because Penang is still years behind. We should not buy when Penang is years ahead….  Happy deciding.
written on 18 Feb 2015
Next suggested article: Tanjung Tokong vs Sungai Ara by a non-Penangite 


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